IN BRIEF (Page 13)

Pressure to rise on banks

Shang Fulin, the top banking regulator in China, said increasing economic uncertainties will place "unneglectable" pressures on banks with foreign backgrounds that are in the country. He made those remarks in a statement published on the China Banking Regulatory Commission's official website on Wednesday. Shang said lenders affiliated with foreign banks should take steps to control their risks and play a bigger role in supporting the real economy - the part of the economy involved in producing goods and services - to ease the way for economic restructuring.

Joint venture for car brand

Zhejiang Geely Holdings Group Co Ltd said on Wednesday that it plans to set up a joint venture with the Volvo Car Corp in China and hopes to announce a project to develop and produce an indigenous brand of cars with Volvo in two months.

Geely, which bought Volvo Car Corp in 2010 and controls the Hong Kong-listed Geely Automobile Holdings Ltd, would set up a 50/50 venture with Volvo, Yang Xueliang, company spokesman, quoted Chairman Li Shufu as saying. The planned venture between Geely and Volvo will develop a new vehicle brand and cars that run on new sources of energy, Li told reporters earlier this week.

OK likely for bottler purchase

Tingyi Holdings Corp, a Chinese maker of instant noodles and beverage, expects to receive approval from regulators for its venture with PepsiCo Inc "very soon", the parent company of Tingyi said in Taipei on Wednesday.

PepsiCo agreed to sell its interest in 24 Chinese soft drink bottlers to Tingyi in November. "Barring an unexpected event, the Ministry of Commerce will approve it very soon ... I'm cautiously optimistic about it," Ying Chiao-wei, Ting Hsin International Group chairman, said in Taipei.

China Daily - Agencies

(China Daily 02/23/2012 page13)